Pope's Economy Council chief says 'true bank' will be elsewhere

(ANSA) - Vatican City, March 19 - The new head of the
Vatican Council for the Economy said Wednesday that soon the
scandal-plagued Vatican bank will no longer pose a threat to the
Catholic Church's image, while another institution will become
the "true bank of the Vatican".

In statements published by Spanish news agency Europa
Press, Munich Cardinal Reinhard Marx said "there won't be future
occasions for (the Vatican bank) to hurt the Holy See's
reputation".
Officially called the Institute of Religious Works (IOR),
the Vatican bank has come under scrutiny for alleged money
laundering and is now working with the Council of Europe's
Moneyval agency to bring it in line with international
standards.

A close advisor to Pope Francis, Marx is a member of the
panel of cardinals from around the world Francis picked last
year to advise him on reforming the inner workings of Vatican
and the Church at large.
Earlier this month Francis also named him head of the
Council for the Economy, and last week Germany's Catholic
bishops named him their leader.
Since Francis' election to the papacy last March, reforming
IOR has been a priority. He has even openly expressed the
possibility of abolishing it.
In Marx's statements released Wednesday, the German
cardinal said "the true bank of the Vatican" will one day be the
Administration of the Patrimony of the Apostolic See (APSA),
which currently manages Vatican real estate and financial
holdings.
Plans to turn APSA into a sort of central bank has been the
stated intention of the Church since late February, when
officials announced the establishment the Council for the
Economy now headed by Marx.